Safe Assets, Liquidity, and Monetary Policy
研究多种资产流动性不同的模型中，伪安全资产流动性恶化如何导致衰退和通缩，以及央行扩表和降息如何应对。
This paper studies monetary policy in models where multiple assets have different liquidity properties: safe and “pseudo-safe” assets coexist. A shock worsening the liquidity properties of the pseudo-safe assets raises interest rate spreads and can cause a deep recession-cum-deflation. Expanding the central bank’s balance sheet fills the shortage of safe assets and counteracts the recession. Lowering the interest rate on reserves insulates market interest rates from the liquidity shock and improves risk sharing between borrowers and savers.